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buying out spouse and CS question

Justtrying2Justtrying2
in Single Parents

Hi ladies,

I have a lawyer but he he's actually on vacation so here I am posting. Plus this is cheaper :)

I have a few questions:

1) Property 

We own too properties. One we will live and one we rent out. I want to keep the one we live in. So can you check my calculations to see if I am doing this correctly. is equity the amount of the down payment plus amount we have paid so far towards the loan? Unit A- Equity is $10K. So that means we each own $5K of the condo. So to buy him out I have to give him $5K.

Unit B- Equity is $30K. So we each own $15K. So if he keeps this then he gives me $10K.

So if I keep Unit A where we live, then in total he has to give me $10K ($15-5) right?

He has money to buy me out without taking a loan. Do I need to STILL refinance the place we live in, or do I know I need to just take his name of the title.

2) Child support- Ok so if child support is based on salary then originally I was worried that it would be pretty tight. HOWEVER, he does have a nice inheritance and most is tied up in stocks, beneficiary IRA. And in some cash that his brother is splitting with him. Could any of this be counted as income? He does need to withdraw $15K out each year of his beneficiary IRA and he pays that as income tax. Would that count or not?

Thanks!

 

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Re: buying out spouse and CS question

  • CharlesBukowskiCharlesBukowski

    I don't think a court would calculate equity based on down payment, not assessed value.  I don't know when you bought, but chances are your assessed value these days is lower than what you paid unless you purchased very recenlty.

     Check zillow.com it will give you a decent idea of what the value of your condo is....go from there. 

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  • Justtrying2Justtrying2
    CharlesBukowski-- we bought both properties this year. Unit A in April and Unit B last month. Hence the low equity we have on both places.
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  • DarthNBJenniDarthNBJenni
    imageCharlesBukowski:

    I don't think a court would calculate equity based on down payment, not assessed value.  I don't know when you bought, but chances are your assessed value these days is lower than what you paid unless you purchased very recenlty.

     Check zillow.com it will give you a decent idea of what the value of your condo is....go from there. 

    I love that at this moment, you have 666 points, BB. LOL.

    image

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  • Justtrying2Justtrying2
    sorry but I dont understand the points system... I just post and read the responses...lol
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  • cedarbunscedarbuns
    Inheritance money is NOT joint even when married... I received money when my father passed and that money plus things I bought with it are untouchable by STBXH just an FYI so I do not think they will count that towards CS
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